Director, Product Margin and Capital Efficiency
Cboe Global Markets, Chicago, IL, United States
Job Description
At Cboe Global Markets, we inspire our people to solve complex challenges together because what we do matters. We provide the financial infrastructure that powers the global economy. As a leading provider of market infrastructure and tradable products, Cboe delivers cutting‑edge trading, clearing and investment solutions to market participants around the world.
We’re building meaningful ways to support professional and personal development while strengthening the trust we’ve earned as a global market leader. Our teams are empowered to share ideas, actively pursue them and bring on a challenge. As champions of internal mobility and access to opportunity, we encourage our people to “go for it” and equip our managers with the training to coach their teams to the next level. We strive to provide employees a safe space to network, share ideas and create opportunities.
Location Selected candidate must be willing to work a hybrid schedule in our Chicago office.
Position Overview We are seeking a highly capable Director, Product Margin and Capital Efficiency who will report to the Senior Director, Cboe Labs. As the Director, Product Margin and Capital Efficiency, you will be at the forefront of technology and product innovation, with primary responsibility for seeking the most margin and capital (risk‑based haircuts) efficient treatment of current Cboe product offerings as well as products in development. You will lead efforts to ascertain, advocate for, and lead industry efforts for implementation of practical margin and capital requirements, and in particular, advancing portfolio margining capabilities that drive efficiency through appropriate risk offsets.
Responsibilities
Monitor and manage margin and risk‑based haircut requirements for derivatives, securities and futures.
As necessary, ascertain, plan, develop, and implement margin requirements and/or risk‑based haircut treatment for new products; continually consider improvements that would benefit all Cboe product offerings.
Engage and coordinate with Cboe Legal on margin rule filings as necessary and interactions with SEC and CFTC staff; engage with and coordinate with FINRA on a continuous basis.
Partner with the Cboe Labs, Operations, Global Sales and Derivative teams to evaluate margin and capital efficiency priorities and source client feedback.
Collaborate with OCC on changes to the STANS and TIMS methodology to maximize efficiency of customer portfolio margin and risk‑based haircuts, advocating wider use of portfolio margining with more risk offsets.
Serve as Cboe internal subject matter expert; conduct presentations to explain margin and capital requirements and industry conventions, including educational sessions for Regulatory staff.
Conduct presentations and public speaking engagements internally and at conferences and other venues as needed.
Represent Cboe on FINRA Rule 4210 Committee and OCC Financial Risk Advisory Council.
Participate in strategic planning and systems implementations to achieve business goals and collaborate with diverse clearing entities to discuss cross‑margining opportunities.
Ideal Candidate Requirements
Minimum 12+ years of industry experience in securities, securities derivatives and futures margin practices, including but not limited to STANS, strategy‑based (Reg. T), customer portfolio and SPAN margining.
Minimum 12+ years of experience in risk‑based haircuts and the underlying SEC rule.
Demonstrated experience interacting with the CFTC, SEC and FINRA on margin and risk‑based haircut interests.
Demonstrated experience with OCC’s Escrow Deposit program and Clearing Member margin requirements (STANS).
Knowledge, Skills and Abilities
Strong knowledge of financial markets, including financial derivatives, trading, market data, exchanges and financial technology.
Deep knowledge of Regulation T and self‑regulatory organization margin rules, especially FINRA Rule 4210.
Deep knowledge of OCC’s TIMS customer portfolio margin and risk‑based haircuts design and operation.
Proven leadership ability with the capacity to set and manage priorities effectively.
Proven understanding of exchange/trading systems and central counterparty clearing functions.
Strong understanding of traditional and digital asset market structure.
Advanced knowledge of equities/derivatives/fixed‑income order lifecycle and participants involved.
Deep understanding of pre‑ and post‑trade lifecycle and collateral management for listed and OTC tradeable products.
Excellent written and verbal communication skills, engaging both technical and non‑technical audiences internally and externally.
Strong skills in Microsoft Office; Python coding skills would be a plus.
Self‑starter with the ability to multi‑task effectively and independently within a fast‑paced environment.
Strong analytical skills and sound decision‑making ability.
Ability and willingness to travel.
Benefits and Perks
Fair and competitive salary and incentive compensation packages with an upside for overachievement.
Generous paid time off, including vacation, personal days, sick days and annual community service days.
Health, dental and vision benefits, including access to telemedicine and mental health services.
2:1 401(k) match, up to 8% match immediately upon hire.
Discounted Employee Stock Purchase Plan.
Tax Savings Accounts for health, dependent and transportation.
Employee referral bonus program.
Volunteer opportunities to help you give back to your communities.
Complimentary lunch, snacks and coffee in any Cboe office.
Paid Tuition assistance and education opportunities.
Generous charitable giving company match.
Paid parental leave and fertility benefits.
On‑site gyms and discounts to other fitness centers.
Equal Employment Opportunity We’re proud to be an equal opportunity employer and do not discriminate against any employee or applicant for employment based on any legally protected characteristic, including race, color, religion, sex, sexual orientation, gender identity, national origin, age, disability, genetic information, or Veteran status. We are committed to fostering a workplace where all individuals are valued and respected.
Visa Sponsorship This position is not eligible for visa sponsorship. Candidates must be legally authorized to work in the United States without the need for employer sponsorship now or in the future.
Salary Range For U.S. locations, the anticipated base salary range for this role is $187,000–$242,000. Compensation is determined by job‑related factors such as skills, relevant experience, education, internal alignment and location. This role may also be eligible for annual incentive compensation and, where applicable, participation in Cboe’s long‑term equity programs. Additional information about Cboe's total rewards program, including benefits and other compensation components, can be found at Total Rewards at CBOE.
#J-18808-Ljbffr
We’re building meaningful ways to support professional and personal development while strengthening the trust we’ve earned as a global market leader. Our teams are empowered to share ideas, actively pursue them and bring on a challenge. As champions of internal mobility and access to opportunity, we encourage our people to “go for it” and equip our managers with the training to coach their teams to the next level. We strive to provide employees a safe space to network, share ideas and create opportunities.
Location Selected candidate must be willing to work a hybrid schedule in our Chicago office.
Position Overview We are seeking a highly capable Director, Product Margin and Capital Efficiency who will report to the Senior Director, Cboe Labs. As the Director, Product Margin and Capital Efficiency, you will be at the forefront of technology and product innovation, with primary responsibility for seeking the most margin and capital (risk‑based haircuts) efficient treatment of current Cboe product offerings as well as products in development. You will lead efforts to ascertain, advocate for, and lead industry efforts for implementation of practical margin and capital requirements, and in particular, advancing portfolio margining capabilities that drive efficiency through appropriate risk offsets.
Responsibilities
Monitor and manage margin and risk‑based haircut requirements for derivatives, securities and futures.
As necessary, ascertain, plan, develop, and implement margin requirements and/or risk‑based haircut treatment for new products; continually consider improvements that would benefit all Cboe product offerings.
Engage and coordinate with Cboe Legal on margin rule filings as necessary and interactions with SEC and CFTC staff; engage with and coordinate with FINRA on a continuous basis.
Partner with the Cboe Labs, Operations, Global Sales and Derivative teams to evaluate margin and capital efficiency priorities and source client feedback.
Collaborate with OCC on changes to the STANS and TIMS methodology to maximize efficiency of customer portfolio margin and risk‑based haircuts, advocating wider use of portfolio margining with more risk offsets.
Serve as Cboe internal subject matter expert; conduct presentations to explain margin and capital requirements and industry conventions, including educational sessions for Regulatory staff.
Conduct presentations and public speaking engagements internally and at conferences and other venues as needed.
Represent Cboe on FINRA Rule 4210 Committee and OCC Financial Risk Advisory Council.
Participate in strategic planning and systems implementations to achieve business goals and collaborate with diverse clearing entities to discuss cross‑margining opportunities.
Ideal Candidate Requirements
Minimum 12+ years of industry experience in securities, securities derivatives and futures margin practices, including but not limited to STANS, strategy‑based (Reg. T), customer portfolio and SPAN margining.
Minimum 12+ years of experience in risk‑based haircuts and the underlying SEC rule.
Demonstrated experience interacting with the CFTC, SEC and FINRA on margin and risk‑based haircut interests.
Demonstrated experience with OCC’s Escrow Deposit program and Clearing Member margin requirements (STANS).
Knowledge, Skills and Abilities
Strong knowledge of financial markets, including financial derivatives, trading, market data, exchanges and financial technology.
Deep knowledge of Regulation T and self‑regulatory organization margin rules, especially FINRA Rule 4210.
Deep knowledge of OCC’s TIMS customer portfolio margin and risk‑based haircuts design and operation.
Proven leadership ability with the capacity to set and manage priorities effectively.
Proven understanding of exchange/trading systems and central counterparty clearing functions.
Strong understanding of traditional and digital asset market structure.
Advanced knowledge of equities/derivatives/fixed‑income order lifecycle and participants involved.
Deep understanding of pre‑ and post‑trade lifecycle and collateral management for listed and OTC tradeable products.
Excellent written and verbal communication skills, engaging both technical and non‑technical audiences internally and externally.
Strong skills in Microsoft Office; Python coding skills would be a plus.
Self‑starter with the ability to multi‑task effectively and independently within a fast‑paced environment.
Strong analytical skills and sound decision‑making ability.
Ability and willingness to travel.
Benefits and Perks
Fair and competitive salary and incentive compensation packages with an upside for overachievement.
Generous paid time off, including vacation, personal days, sick days and annual community service days.
Health, dental and vision benefits, including access to telemedicine and mental health services.
2:1 401(k) match, up to 8% match immediately upon hire.
Discounted Employee Stock Purchase Plan.
Tax Savings Accounts for health, dependent and transportation.
Employee referral bonus program.
Volunteer opportunities to help you give back to your communities.
Complimentary lunch, snacks and coffee in any Cboe office.
Paid Tuition assistance and education opportunities.
Generous charitable giving company match.
Paid parental leave and fertility benefits.
On‑site gyms and discounts to other fitness centers.
Equal Employment Opportunity We’re proud to be an equal opportunity employer and do not discriminate against any employee or applicant for employment based on any legally protected characteristic, including race, color, religion, sex, sexual orientation, gender identity, national origin, age, disability, genetic information, or Veteran status. We are committed to fostering a workplace where all individuals are valued and respected.
Visa Sponsorship This position is not eligible for visa sponsorship. Candidates must be legally authorized to work in the United States without the need for employer sponsorship now or in the future.
Salary Range For U.S. locations, the anticipated base salary range for this role is $187,000–$242,000. Compensation is determined by job‑related factors such as skills, relevant experience, education, internal alignment and location. This role may also be eligible for annual incentive compensation and, where applicable, participation in Cboe’s long‑term equity programs. Additional information about Cboe's total rewards program, including benefits and other compensation components, can be found at Total Rewards at CBOE.
#J-18808-Ljbffr